Kazakhstan to remain part of global oil pact – president
ASTANA, Sept 14 (Reuters) – Kazakhstan, Central Asia’s largest oil exporter, will support future efforts to prop up the price of crude, President Nursultan Nazarbayev said on Thursday.
“The price of $52-55 (per barrel of Brent) satisfies everyone,” he told reporters. “If this position keeps working, we will maintain our solidarity in order to support the price.”
On a visit to Kazakhstan last week, Venezuelan oil minister Eulogio Del Pino said global oil inventories remained too high.
Kazakhstan, however, has struggled to comply with the pact so far, as output at its giant Kashagan oil field has surged since its launch last November.
The Astana government has indicated it may have to seek a revision of the country’s quota if the global pact is extended. (Reporting by Raushan Nurshayeva; Writing by Olzhas Auyezov; Editing by Vladimir Soldatkin and Mark Potter)